Peninsula Land to invest Rs 160 cr to develop 600 apartments in Pune

Ashok Piramal Group's realty firm Peninsula Land Tuesday said it will invest Rs 160 crore to develop 600 apartments in the second phase of its affordable housing project in Pune.

The Mumbai-based real estate firm had in April last year launched 900 units in the first phase of the 50-acre project -- addressOne -- located at Gahunje, Pune. The project cost was Rs 200 crore.

The company has launched the second phase named 'addressOne Central Park' to develop 600 apartments, Peninsula Land said in a statement.

The project received a good response in the first phase, Vice Chairman and MD Rajeev Piramal said.

"We plan to invest a further Rs 160 crore in developing 600 apartments in the second phase. At Peninsula Land, we believe in providing homes that are affordable and yet offer luxurious amenities to our customers," he added.

Peninsula has tied up with Home Capital that will provide home buyers interest free loan on stamp duty and registration. The project is also PMAY (Pradhan Mantri Awas Yojana) approved which will help home buyers get up to Rs 2.67 lakh in the form of interest subsidy.

"With growing urbanisation, India has a huge demand for affordable homes and to give the necessary fillip to this sector, the government too has provided several initiatives for the affordable housing sector," Piramal said.

Peninsula Land has delivered more than seven million sq ft of real estate. Over 10 million sq ft is under construction and in the pipeline in Mumbai, Bengaluru, Pune, Goa, Nashik and Lonavala.